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tv   [untitled]    February 14, 2012 2:18am-2:48am EST

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the u.n. says they're not carrying out regime change but in fact everyone who's watching knows there is the u.s. policy to create pressure on iran. covert operations economic sanctions and now these new sanctions are not really even a like the old saying they are saying to the rest of the world if you dare do business with iran central bank if you buy iranian oil which constitutes half of iran's g.n.p. if you have any business with iran whatsoever you will not have access to american banks to american corporations to be american market this is in fact a blockade. or that now at some other stories making headlines around the world the. radical muslim cleric legit links to al qaeda said to be right that's been released from prison on bail in the u.k.
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extremist preacher. in jail for six years but last week a tribunal ruled he should be freed british officials say poses a threat to the country's security but attempts to deport him back to jordan terrorism charges. it's. extreme weather conditions continue to much of europe and passengers had to be rescued after being stranded for three days on a train well inside a time of an avalanche i got to. say this in the new serbia school this is a quote we thank you and they remain military planes have flown in emergency supplies to religious leaders of snow. russia's illegal voters is demanding that the country's central channels drop their alleged pro putin bias of march its presidential election the standing for
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a fair election doesn't like the post turn of reports about the prime minister saying it undermines others' chances but artie's their push over reports every candidate makes good use of their allotted time. what i write that out here live here takes me to so far the most eccentric video in russia's presidential campaign urging to vote for the country's top populist lead image in austin famous for his showmanship and occasional fist fights with fellow lawmakers you. see we'll see soon that this little mangy donkey has become a symbol of our country's the whole country has gone to a standstill like this animal divided government will get moving again. less than a month to go and five candidates have plastered the streets with election posters deserting view is what d.d. promos the heated discussions have become part of everyday life and you get caught after that already but i doubt course in
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a race that billionaire businessman mikhail prokhorov promises their rival over new russia i think the president known for his quite riches and playboy past he's the only new face on russia's political scene formally and it's always party animal his reputation was once dented by an international sex scandal which has come back to haunt him on the lead related to how lawyers for the are body and soul as for the elections will win them anyway you can buy anything so you can buy your victory to the remaining candidates are family a crowd here that is one of the all time communist party leader has always relied on the pension of voters who form about one third of russia's population now his laurels are qantas that once again it all of remember the russia quality is on the front lines you can't even afford milk merryweather pensioners. the competition has made you gonna reach out to younger generation and offer them
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a brand new slogan there's always a choice bloody mick put in the running for his that time has refrained from getting involved in a campaign directly he has controversially refused to take part in any t.v. debates sending. representatives instead and he's promised to never show his face. when he doesn't go thought of as or when he is a part of st politics where he is a part of television coverage or producer job as prime minister he is very is the only one let's say the only kind that with so many resources so much media attention i think that he wants to show that he is the only real candidate precisely by not going there as the campaign picks up steam it's expected so will the number of street protests both for and against both ends and it's likely election twenty twelve will be remembered as one that's got russians on their feet all of the latest opinion polls also show the level of putting some points each
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song across the country despite the wave opposition protests i think that brought us then to mobile life is correlated because people. are saying that you know the social benefits from the cut that factories that are in official because that stage will not interfere so much i think that the message that people get across russia is that right we should keep putting there's even a song and recent online suspicion praising the prime minister's virtues sung by supposedly migrant worker it claims well you know all b.b.b. by his initials was sent to russia by god. i felt less power than many say the song is clearly too much and is just a club ahead in the meantime the electoral campaign will be sewn with more
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surprises likely along the way down your screwed up party in a storm. but our latest from the business well with your ear. hello and welcome to business here and i say let's start this out with russian crops where mother nature is once again playing tricks just a year after a severe drought the country's prime center facing a cold test once again and that is business analyst daniel bottle has more. to haul for some rotten crops may have been damaged by the extreme cold weather say worried farmers italy germany france and poland hold its also risk from sustained low temperatures which if it minus thirty three in some parts there is expected to skyrocket prices for things like wine and bread wheat futures have been thawing of the ukraine and russian government warned they may limits exports to guaranteed
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their mystic supply both countries are usually big exporters of grain global we proceed eleven percent in the second half of general alone we will russia's top portion of receipts because suspended load at its grain terminal several times after the black sea froze over for the first time in thirty years a drop from july to november last year had already weakened crops the head of russia's one company says fifty percent of the country's great crop could be damaged by heavy winds and the worst weather in a quarter of a century first tests in russia sells show three great points have already been lost. let's take a look at the markets now we'll start with exchange rates first the euro is trading flat against the dollar the shoes then that's after being down in early asian trading and the absence of rating downgrades by moody's investor service but the move far be able to see ways on the google which you see moderate gains against the european currencies let's move also oil which is still holding around the one long
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haul that's after the austerity part approval by the greek parliament and then tighten sanctions on their on the futures climbed over three percent after companies in control of more than one hundred years said they would start loading cargo from iran. and they sort of markets have reversed their earlier losses and on top of the bank of japan surprised the market by expanding its asset purchase program the bank says the additional one hundred twenty eight billion dollars will be used to buy japanese government moments. here in russia markets are trading lower than my success is musing a quarter of a percent of all the r.t.s. is approaching one percent in the right let's take a look at the end that's movers on the my sex and originators are dragging a lower thought salue call has managed to sustain the pressure traders say investors are moving their stock from the rolls left that's after hours left increase prime capital expenditures for this near banking stocks are lower the
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second largest lender needs to be dropping more than half of a percent and looking ahead to the rest of the week thompson says that russian investors will be waiting for new economic data from europe and the us the us. is what has driven us through production the coming year option except some numbers on the market turns to. look at those numbers as a reflection of part of your problem is improving the implication that it's all served in the euro is very rigorous for me ensuring that i'm not stephanie so i'm going to try to reach markets are a number of you could expect it's still names in particular to run it. call rosso the world's largest diamond mine a buy out with may so fourteen percent in an i.p.o. according to congress and they leave a floatation worth over one billion dollars may take part in the second half of this year. in other news germany's beer lovers will soon have the opportunity to enjoy any flavor of their favorite beverage and that's because russia six largest
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brewer i charge of has decided to start production in the european country but company plans to increase its presence in the german market ten fold this year by brewing five million leaders of the year charter says its forces stand for broadsheets to increase in regulatory pressure on russia's your markets. and that's how business looks the sour the headlines are next with kerry.
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if. this is. what our culture. order. is could. put some. cultures of resistance on marching. if. it's peace and he. says he. wants to.
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see such. we watch it on t.v. it's the kind of headlights. put to the u.n. general assembly scrutinizes the syrian crisis group is seen by some present tense to put the screws on russia trying to push through a new resolution two nations one summit in. europe yet another wave of downgrades this conference collapses a. sense of the press ahead of the stairs he perceived against president greece. new ground in the blame game between israel and iran. this is constructive action
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if. those are the headlines what next he's financial next keyser refuse the latest lose from the world of high finance because reports that's coming your way. i am max foster this is the kaiser report on what a week according to a court of the u.k. now referred to. as a puppet master and it's not libelous let's talk about banks and sharks and all kinds of other flora and fauna of the global financial crack down stacey max other banking terrorists have been causing tear gas and they. have lines. it is foreclosure settlement. all over again so this is isaac gradgrind
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a lawyer who specializes in mortgage backed securities new rights today be attorneys general of forty nine states with oklahoma being the old holdout announced a record twenty six billion dollars settlement with the nation's five largest servicers over false and fraudulent foreclosure practices like robo signing good news right max no no no he looks at the details only five billion dollars of the total consists of cash payments while another seventeen to twenty billion dollars consists of principal write downs and other aid to homeowners at risk of default what this means is that once again regulators have allowed banks to shift penalties based on their improper service and practices on to the bondholders that actually own the loans oh so for every dollar you make selling fraudulent mortgages you have to pay the one or two pennies to the to the folks who pretend to be in charge of some kind of legal oversight group yes and my recommendation to for
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example the looters that we saw in the u.k. in london earlier this year just get your brokers license it's a series seven license it's easy to get i got mine in one nine hundred eighty two it qualifies you still and you have a legal license to steal money and this is what people should be doing the should be trying to reform the banking system they should get their brokers license and rape and pillage like the rest of everybody on wall street but again importantly here max the term is bond holder in this case in the united states case when the five big banks do not own the bonds in that situation the bond holders are shellacked in europe where all the sovereign bonds are held by the big banks bondholders will take no cut so this is what he is saying is that the deja vu in this case is a country. lied because when countrywide the biggest project purveyor of predatory fraudulent loans was caught committing fraud they signed
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a huge hoopla deal with attorneys general at the same time with great fanfare the a.g.'s announced in october two thousand and eight that they had reached an eight point six billion dollars settlement with countrywide and which countrywide would modify four hundred thousand loans what i soon realized was that this would not be a cash payment of eight point six billion and instead most of that figure consisted of you guessed it principal write down some other loan modifications of the credits so what happened is that actually countrywide didn't even own eighty eight percent of the so called loans it was mostly hedge funds and pension funds owned the bond the mortgage backed securities in that case and they were the ones that were forced to write down these loans but it was regulatory arbitrage global regulatory arbitrage so depending on the territory you cheat the markets based on how you're able to subvert the regulations or lack thereof in any of these territories so that bond market in the euro would require one set of criminal activities and the bond
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market in the united states requires a different set of criminal activities net net all the money flows to the criminal syndicates the bond traders the money managers the rating agencies the accountants like a p.m.g. or price waterhouse cooper and the regular people get the austerity measures stuffed up their strength training but as you had brought up max not rothschild was accused of being a puppet master and the courts found in fact that the daily mail had justification saying that in this case the puppet masters or whoever they get away with whatever the u.s. attorney generals or the law decides so in the countrywide and the attorney general's case with all the mortgage servicers in the united states right now because the big banks are not the bond holders the bond holders lose in the sovereign debt case because the big banks are. holders of those bonds the bond holders do not lose there are billions hundreds of billions and trillions of losses generated by the
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shadow banking system in trading these bond markets in different territories around the world any time anybody loses money they stuff it into a passive country like greece that's too weak to revolt or portugal and those people are stuck with the losses ultimately and we're going to find out what happens when you totally disenfranchise an entire country whether or not those people will take arms or not we'll find out now in the country by case so again why it's deja vu is that at the time politicians could argue well we had no idea about mortgage backed securities we had no idea that the banks actually didn't own it that in this case countrywide well there was a huge lobbying campaign all of the connecticut hedge funds were all went to washington and said hey you can't force us to take a write down on these because we have a contract with countrywide that says they won't renegotiate it well the banks the big banks response to this hedge fund bondholder campaign was to begin
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a massive lobbying effort that led to the passage of the service safe harbor in two thousand and nine a provision that in its original form said that banks could ignore its contract with investors in the interest of public policy that exact term did not pass in the final bill but this is what banks want so remember when they claim all the time that our contracts are sacrosanct they are actually lobbying politicians to say the contracts are not sacrosanct if we lose but as we've been explaining on this show any time a bank it's near having to pay off a bad bet that they may or gets caught breaking the law they try to get a new law passed this is what i was told and i was working on wall street break any law you want we go lawyers that was the mantra. when you work at a firm like paine webber or oppenheimer or alex brown as i did for many years just
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break any law you want we got lawyers and that's the mantra and you see this all the time if that doesn't work then they put it gone to the market said they use high frequency trading and they crash the market as i am paulson did in two thousand and eight to weasel seven hundred fifty billion out of congress using financial terrorism well you're argument there that you're allowed to commit crimes and just do it we'll we'll deal with it the lawyers say that if these banks the top twelve reasons you should hate the mortgage settlement this is from the smith and make it capitalism and she says we've now set a price for forgeries and fabricating documents it's two thousand dollars per loan it is less than the price of the title insurance that banks fail to get when they transfer the loans from the trust it is a fraction of the cost of the legal expenses when foreclosures are challenged it's a great deal for the banks because no one is that any of the service is going to jail for forgery and the banks have set the upper bound of the cost of riding roughshod over three hundred years of real estate law well let me tell you a little to give you some perspective on this back in the one nine hundred seventy
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s. i was working as a magician in times square and i used to observe the three card monte dealers you know they have the three cards like this follow the red plays on the head etc now the thing about the three card monte dealers is when they get some chump in there some tourist with a lot of cash and they take all of his money they always let him win the last hand like a couple hundred bucks after they fleeced him for a few thousand why because it made tally the psychology of the person the chump is that they quote unquote won so here you have the same situation they have to pay a few bucks to sue to appease the people who are on the brink of lighting them up and sticking a pitchfork in their skull but in the minds of these people they're thinking we would. not taking on board the fact that they are huge losers it's all very psychologically programmed and it works very it's a con game and the rules of the con game are well known and established and this is
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a con game well exactly as i said brad mn and eve smith point out this twenty six billion dollars deal most americans are going to look at the t.v. and say well gee that's a huge amount god we really stuck it to those banks but they both point out that only five billion is coming from the banks the other twenty one billion is mostly coming from fannie mae and freddie mac. which you the taxpayer watching that own. little austerity in the united states recently austerity in europe austerity as it's playing out in europe is coming to the u.k. first the camerons u.k. is collapsing and then it'll move to the u.s. let's move on same as it ever was the federal reserve secretly selected a handful of banks to bid for debt securities acquired by taxpayers in the u.s. bailout of american international group so apparently a lot of guys are upset about this actual you know capitalist on wall street because they say quote the exclusivity by which the process to shut out smaller
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dealers is a little un-american it seems odd that if you want to get the best possible price that it wouldn't be open to anyone who wants to be the most competitive bitter says david castillo head of sales and trading of broker further lane securities so as it is the new york fed chose goldman sachs credit suisse and barclays to be the only bitter is that a close deal for these a.i.g. bonds quote the central bank switched to a less open process after traders blamed their regular more public disposals for damaging prices in twenty eleven max you created a virtual special technology what does transparency do to prices would make it impossible for goldman to play the role of the pope along with the federal reserve and allocate favored pricing to their goodies as a core part of a people indulgence and we saw that in the middle ages so no fair competition real competition that's long gone but exactly but like we said contract law is
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sacrosanct when applied to banks it is a terrorist act when applied to the population competition is bad for prices according to goldman sachs but isn't it's the only thing that you can live by but gone. duplicitous by definition they call it market making their version of a market making is heads we win. tails you lose. well speaking of deja vu here some images max from athens is that from two thousand and nine two thousand and ten two thousand and eleven or two thousand and twelve can you tell us why any other year is still a sweet again deja vu greeks approved tombstone austerity deal with troika so we see over and over there's a great deal there is not a great deal there's a great deal there's not a great deal to do. on again off again there is a deal no there were german. we're cruising we're trying to build to try and
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steal the elgin marbles but the u.k. already stole them but of course this is what they already know the foregone conclusion whatever it is the banks the same ones that won and the attorney general case in america the same ones that won and the countrywide case the same ones that win every single time will win this time here's a headline from ritholtz dot com i thought greek drama concluded at some stage well i responded to that in a tweet i said i'm pretty sure the greek drama doesn't end until papademos has sex with his mother or in this case his much to a. very clever max you studied greek tragedy at university but it i played the dead guy production of stuff and he is the head bankers. well i have a final poster here max debt which he's back in new york bringing justice to the bankers that looks like you well this is
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a fantastic project pirate my film dot com legal piracy site that's me playing reprisal enrol thank famous by charles bronson in death wish a famous movie from the seventy's where he goes around and kills criminals vigilante style here i'm going to go after this film of course bankers in new york vigilante style and cut them down shoot them down in cold blood in broad daylight so that's the theme of the movie you can support it by going to pirate my film dot com and reserve shares today say sarah thanks so much for being on the kaiser report thank you man don't go away much more coming your way so stay right there.
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i maxed out your welcome back to the kaiser a part time now to go to upstate new york and speak with james howard kunstler of consular dot com james as an author a blogger and an urban architect james welcome to the kaiser report nice to be here max all right james consular a crony capitalist mortgage settlement deal has been reached to bail out the banks via the back door yet again your thoughts it is just amazing how they not only never run out of tricks but how the american people never seem to tire of being snookered among other things they've snookered the new york state attorney general
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into leading a task force for. in his state of the union message president obama announced he was forming a task force to look into mortgage fraud and he appointed be new york state attorney general eric schneiderman and the fact is we have a department of justice and a united states attorney general who he may be leaking sawdust as he walks down the halls of justice that we're not really sure he's a real human behavior because he hasn't done anything in three years but the fact is they have a criminal division and they have done nothing to investigate mortgage fraud or any of the associated shenanigans for the entire obama term so you know this is just really a new set of smoke screens to perpetuate what is coming could be a a just. tremendous control for aught but what is it in the american character that
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makes them feel good about getting screwed my own theory is that american life is just so frantic you know with people struggling very hard to make a living and we being distracted by every kind of you know electronic message and show in program and entertainment conceivable that they're just you know the cognitive dissidence the collective noise in our brains is so immense that we can't really reflect on anything that's happening to us however the going back to some previous conversations we had where i scolded you for making revolutionary remarks and i'm beginning to wonder whether we're going to get what i would call a john brown moments and john brown for those of you who might have a fragmentary memory of american history was that fellow who in the late eighteenth fifty's and mounted an insurrection at harper's ferry and really changed the tone.

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